KT (KT) 20-F2006 FY Annual report (foreign)

Filed: 27 Jun 07, 12:00am

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New words: absolute, actuarial, adequate, AGA, air, analytical, analyzed, approach, array, attestation, Aviation, bachelor, Baring, benex, bifurcated, bifurcation, biochemistry, body, boundary, browse, buildout, Bulletin, cargo, catalogue, CD, Centurion, certainty, challenge, Chamber, charter, Columbia, consecutive, Contact, CONTINGENTY, coporate, COSO, Council, counterclaim, creation, Creative, criterion, deconsolidation, degradation, degree, derecognized, destruction, dual, Duke, element, elicited, environmental, EUR, explanatory, feature, fellow, forma, framework, freeze, fuel, Fuqua, GBP, Geotel, Guarantor, Hana, Hankuk, Harbor, Harvard, heavy, Hershey, highlighting, inadequate, inquire, iv, joining, JP, Kellogg, Koran, KTAI, KTL, Kwan, Kyun, laser, lecturer, levy, lifestyle, literature, luxury, Lynch, map, megabyte, MegaTV, Merrill, Mobition, moderate, Mostech, Naju, Ncerti, Nongshim, Northwestern, NTC, nullified, obsolete, Olive, Olivenine, optimal, Optimized, passion, path, Paul, pre, premise, procurement, professor, quantifying, replay, reprocessing, retailer, Riyal, road, RPs, SAB, SAR, School, SEI, Sejong, semantic, sense, Show, shut, Sociological, sociology, Southern, SPC, SPE, standalone, step, stipulated, straight, subsidy, Sung, Sungkyunkwan, sustained, Syracuse, Telecop, thereon, TMworld, Tourtainment, Town, travel, Treadway, tuition, TV, unauthorized, undelivered, unqualified, upcoming, updated, variance, Vendor, VentureFund, verification, visiting, worldwide, Yi, Yonsei, Yub

Removed: accrue, accruing, accuracy, acted, actively, advice, aggregating, allocable, allocating, arrange, assisted, assume, attending, aware, bound, broker, bundling, cancel, cancelled, cast, central, channel, chose, claimant, claimed, combine, communicating, compare, compound, confirmation, contemplated, convert, converting, coordinator, correct, coupon, cover, decide, deem, defaulted, defer, deficiency, delay, delayed, deliverable, Democracy, denied, deserve, desist, direction, discharged, disclaim, dispute, distributing, documentation, earliest, eliminating, enabling, encumbrance, endeavor, equitable, exclude, explaining, faith, fax, financed, forbidden, forwarded, fourth, fraction, Fractional, frequently, fulfill, genuine, God, guaranteeing, guideline, heading, hear, hosting, immobilized, improved, inaction, incentive, incident, includible, inconsistent, infected, inflict, initiative, inspect, instructed, insufficient, interpreted, interruption, investigating, irrevocable, issuable, jammed, Japanese, judged, jurisdiction, KTI, lapse, lawfully, legally, lien, lieu, limiting, list, lose, lowered, Lucent, Luxembourg, manager, marketability, merited, military, mind, modify, mortgage, Najoo, negligence, notify, obtainable, offsetting, operationally, opted, originate, owing, Park, Participatory, partner, People, practical, practicality, precision, prejudice, preliminary, proceeding, product, proof, Pte, pursuing, ratable, recapitalization, refuse, registrar, regularly, rejected, remember, resigning, retain, retrieving, revising, revoked, risen, Room, round, safekeep, safekeeping, satisfaction, seeking, Seongnam, settling, similarly, Solidarity, Specialty, Ssangyong, Street, stripped, subordinate, successor, sufficiently, suit, suspending, telex, transferable, treat, treating, understand, undistributed, uninterrupted, urge, valid, validity, validly, versa, viewed, vigorously, violate, voted, waived, Wall, weekday, withdrawing, worm, yen

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Exhibit 7.1

Computation of Ratios of Earnings to Fixed Charges


	Year Ended December 31,
Korean GAAP	2004		2005		2006
	(Millions of Won)
Earnings:

Net earnings	1,282,216		1,085,450		1,291,863
Income tax	577,889		387,280		490,046
Income from equity investees	(11,310	)	(11,204	)	(8,685	)
Dividend from equity method affiliates	333		2,247		1,247
Fixed charges	708,364		639,073		518,389
Less interest capitalized (a)	—		—		—
Minority interest in earnings of consolidated subsidiaries	148,931		274,586		217,854

Total earnings	2,706,423		2,377,432		2,510,714


Fixed charges:

Interest expense	678,514		616,540		503,244
Capitalized interest (a)	—		—		—
One-third of rent expenses on operating leases, deemed to be representative of interest expense	29,850		22,533		15,145

Total fixed charges	708,364		639,073		518,389

Radios of earnings to fixed charges	3.82:1		3.72:1		4.84:1

U.S. GAAP
Earnings:

Net earnings	1,404,616		1,148,534		1,329,343
Income tax	386,934		356,109		357,090
Income from equity investees	(36,136	)	(234,868	)	(104,336	)
Dividend from equity method affiliates	45,153		51,549		55,031
Fixed charges	467,365		417,658		379,017
Less interest capitalized	(12,154	)	(7,339	)	(9,169	)
Minority interest in losses of consolidated subsidiaries	(1,760	)	6,787		93,874

Total earnings	2,254,018		1,738,430		2,100,850

Fixed charges:

Interest expense	455,211		410,319		369,848
Capitalized interest	12,154		7,339		9,169
One-third of rent expense on operating leases, deemed to be representative of interest expense	—		—		—

Total fixed charges	467,365		417,658		379,017

Radios of earnings to fixed charges	4.82:1		4.16:1		5.54:1

(a)	Effective on January 1, 2003, in accordance with Korean GAAP, the Company elected to no longer capitalize interest costs on all borrowings incurred related to qualifying assets.